GHL Gresham Hotel

RNS Number:5729A
Precinct Investments Ltd
07 July 2004

Not for release, publication or distribution, in whole or in part, in, into or
from Australia, Canada, Japan, South Africa, the United States or any other
jurisdiction where it would be unlawful to do so.



7 July 2004

                             Recommended Cash Offers

                                        by

                            Deloitte Corporate Finance

                                   on behalf of

                      Precinct Investments Limited ("Precinct")

                                       for

                        Gresham Hotel Group plc ("Gresham")

          Level of acceptances and extension of the Original Offers


The Board of Precinct announces that by 3.00 p.m. on 6 July 2004 valid
acceptances of the Ordinary Share Offer had been received in respect of a total
of 29,866,053 Ordinary Shares, representing approximately 37.57 per cent. of
Gresham's existing issued ordinary share capital.

This total includes acceptances in respect of 4,925,259 Ordinary Shares
(representing approximately 6.2 per cent. of the existing issued ordinary share
capital of Gresham) for which Precinct had received irrevocable undertakings to
accept the Ordinary Share Offer prior to the posting of the Original Offer
Document.

Marblewood Investments Limited, a company owned by the shareholders of Precinct,
has acquired 400,000 Ordinary Shares, representing approximately 0.50 per cent.
of Gresham's existing issued ordinary share capital, since 14 November 2003.
Marblewood Investments Limited has accepted the Ordinary Share Offer in respect
of its entire holding of Ordinary Shares.

On 2 July 2004 Precinct announced recommended Increased Offers and the receipt
of certain irrevocable undertakings from Gresham Shareholders.  Further details
of these irrevocable undertakings are set out below:

Name                             Notes      Number of       Percentage of      Number of     Percentage of
                                             Ordinary     existing issued     Preference   existing issued
                                               Shares      ordinary share         Shares  preference share
                                                       capital of Gresham                       capital of
                                                                                                   Gresham
                                                                        %                                %
Red Sea Group                        1     19,032,601               23.94      4,188,893             99.74
Whiterain International              2     10,040,564               12.63              -                 -
Limited
Ian Ilsley                           3      3,500,000                4.40              -                 -
Harvey Soning                        3        250,000                0.31              -                 -
Balram Chainrai                      3        100,000                0.13              -                 -

Note 1     Relates to the acceptance of an offer at Euro1.40 per Gresham Share.

Note 2     Relates to the acceptance of an offer at Euro1.40 per Gresham Share in
           respect of Whiterain International Limited's entire holding of 
           10,040,563 Ordinary Shares.  In the announcement of 2 July 2004 
           relating to the satisfaction of pre-conditions this holding was 
           erroneously stated to be 11,000,000 Ordinary Shares.  Precinct, 
           nevertheless, deems the pre-conditions contained in the Recommended 
           Pre-conditional Increased Cash Offers Announcement made on 2 July 
           2004 (the "Recommended Pre-conditional Announcement") to be 
           satisfied.

Note 3     Relates to the acceptance of the Increased Offers.

Valid acceptances pursuant to the above irrevocable undertakings have not yet
been received by Precinct.

By 3.00 p.m. on 6 July 2004 Precinct had received valid acceptances of the
Preference Share Offer in respect of a total of 3,367 Preference Shares,
representing approximately 0.08 per cent. of Gresham's existing issued
preference share capital.

Precinct has also received valid acceptances of the Share Option Proposal in
respect of 1,885,000 Gresham Share Options representing 100 per cent. of the
Gresham Share Options in issue.

Precinct owned no Gresham Shares prior to 14 November 2003 (the date of
commencement of the Offer Period) and has not acquired or agreed to acquire
(other than by way of valid acceptances of the Original Offers) any Gresham
Shares since that date.  Catherine Murphy, wife of JJ Murphy, a director of
Precinct, held 1,500 Ordinary Shares at 14 November 2003.

Copies of the Increased Offer Document containing details of the recommended
Increased Offers will be posted to Gresham Shareholders as soon as practicable.

The Original Offers have been extended and will remain open until 3.00 p.m. on
13 July 2004.

Gresham Shareholders who wish to accept the Increased Offers, and who have not
done so, should return their Forms of Acceptance as soon as possible to
Computershare Investor Services (Ireland) Limited, Heron House, Corrig Road,
Sandyford Industrial Estate, Dublin 18, Ireland. Gresham Shareholders who
require assistance with completion of the Form of Acceptance should contact
Computershare Investor Services (Ireland) Limited by telephone on + 353 1 216
3100.

Enquiries:


Precinct

Wilson Hartnell Public Relations         Telephone:             +353 1 669 0030


Deloitte Corporate Finance

David O'Flanagan                         Telephone:             +353 1 417 2200


NCB Stockbrokers Limited

Fergus McLoughlin                        Telephone:             +353 1 611 5611




Terms defined in the Original Offer Document as varied and supplemented by the
Recommended Pre-conditional Announcement have the same meanings in this
announcement. Precinct reserves all of its rights under the Increased Offers.

The directors of Precinct accept responsibility for the information contained in
this announcement.  To the best of the knowledge and belief of the directors of
Precinct (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.

Deloitte Corporate Finance, a division of Deloitte & Touche which is a
partnership organised under the laws of Ireland and which is authorised by the
Institute of Chartered Accountants in Ireland to carry on investment business in
Ireland, is acting exclusively for Precinct and no one else in connection with
the Increased Offers and will not be responsible to anyone other than Precinct
for providing the protections afforded to clients of Deloitte Corporate Finance
or for providing advice in relation to the Increased Offers, the contents of
this announcement or any transaction or arrangement referred to herein.

NCB Stockbrokers Limited, which is authorised by the Irish Financial Services
Regulatory Authority under the Stock Exchange Act 1995, is acting exclusively as
broker to Precinct and no one else in connection with the Increased Offers and
will not be responsible to anyone other than Precinct for providing the
protections afforded to clients of NCB Stockbrokers Limited or providing advice
in relation to the Increased Offers, the contents of this announcement or any
transaction or arrangement referred to herein.

The availability of the Increased Offers to persons not resident in Ireland or
the United Kingdom may be affected by the laws of the relevant jurisdiction in
which they are resident. Persons who are not resident in Ireland or the United
Kingdom should obtain advice and observe any applicable requirements. Unless
otherwise determined by Precinct, the Increased Offers have not been made,
directly or indirectly, in, into or from Australia, Canada, Japan, South Africa,
the United States or any other jurisdiction where it would be unlawful to do so,
or by use of the mails, or by any means or instrumentality (including, without
limitation, telephonically or electronically) of interstate or foreign commerce,
or by any facility of a national securities exchange of Australia, Canada,
Japan, South Africa, the United States or any other jurisdiction where it would
be unlawful to do so, and the Increased Offers are not capable of acceptance by
any such use, means, instrumentality or facility from or within Australia,
Canada, Japan, South Africa, the United States or any other jurisdiction where
it would be unlawful to do so. Accordingly, copies of this announcement and any
related offering documents are not being, and must not be, mailed or otherwise
distributed or sent in, into or from Australia, Canada, Japan, South Africa, the
United States or any other jurisdiction where it would be unlawful to do so and
persons receiving such documents (including custodians, nominees and trustees)
must not distribute or send them in, into or from Australia, Canada, Japan,
South Africa, the United States or any other jurisdiction where it would be
unlawful to do so, as doing so may invalidate any purported acceptance of the
Increased Offers by persons in any such jurisdiction.

Any person who is the holder of 1 per cent. or more of any class of shares in
Gresham may be required to make disclosures pursuant to Rule 8.3 of the Takeover
Rules.

                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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